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Automotive Thermal System Industry Expansion: How the Market Size Has Grown Over the Last 5 Years?
The market size of the automotive thermal system has been experiencing a steady increase in recent years. Projected to expand from $42.15 billion in 2024 to $43.71 billion in 2025, it is expected to manifest a compound annual growth rate (CAGR) of 3.7%. Factors contributing to the growth during the historical period include the incorporation of autonomous features, an emphasis on vehicular safety, the internationalization of the automotive industry, and an uptick in the demand for sophisticated cooling systems, climate control, and passenger comfort.
The market size of the automotive thermal system is projected to experience significant expansion in the forthcoming years, expecting to rise to $54.36 billion in 2029 with a compound annual growth rate (CAGR) of 5.6%. The anticipated growth during the forecast period is credited to more rigorous emission norms, evolution in electric vehicle technologies, and an increase in the necessity for climate control. Mainstream trends for the forecast period encompass electrification and hybridization, enhanced engine technologies, the uptake of sophisticated cooling solutions, material and insulation innovations, along with globalization and standardization.
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What Growth Drivers Are Responsible for Accelerating Automotive Thermal System Market Growth?
The growth of the automotive thermal systems market is anticipated to be fueled by the rising stringent emission regulations being enforced by governing authorities. Managing greenhouse gas emissions from automobiles has become particularly challenging as the global number of vehicles continues to rise. The European Commission (EC) and the United States Environmental Protection Agency (US EPA) have set fuel economy standards and regulations to limit fuel sulfur content to combat the surge of emissions. For instance, according to the US-based Environmental Protection Agency (EPA), an independent executive agency responsible for environmental protection, in September 2023, the average exposure indicator (AEI) for car emissions of nitrogen oxides (NOx) was measured at 0.04 g/km in 2022. The Environmental Targets (Automotive Emissions) (England) Regulations (2023) legally requires an annual target of 0.03 g/km for mean NOx emissions by 2040, with provisional targets that have to be reached by January 2028. Hence, the strict emission regulations enforced by governing bodies are stimulating the expansion of the automotive thermal systems market.
Performance of Leading Segments in the Automotive Thermal System Global Market
The automotive thermal systemmarket covered in this report is segmented –
1) By Component: Compressor, HVAC, Powertrain Cooling, Fluid Transport
2) By Vehicle Type: Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, Other Vehicle Types
3) By Application: Front And Rear A Or c, Engine and Transmission, Seat, Battery, Motor, Waste Heat Recovery, Power Electronics
Subsegments:
1) By Compressor: Electrically Driven Compressors, Belt-Driven Compressors, Variable Displacement Compressors
2) By HVAC (Heating, Ventilation, And Air Conditioning): Heating Systems, Air Conditioning Units, Ventilation Systems
3) By Powertrain Cooling: Engine Cooling Systems, Transmission Cooling Systems, Turbocharger Cooling Systems
4) By Fluid Transport: Coolant Hoses, Radiators, Expansion Tanks
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What are the upcoming Trends Poised to Transform the Future of the Automotive Thermal System Market?
The advancement of automotive thermal systems is a significant trend gaining traction in the automotive thermal systems market.
Efforts are being made in research and development to create new thermal systems for the automotive sector. Key players in the automotive thermal systems market are focusing on the creation of technologically advanced solutions to consolidate their standing. For example, Japan-based Mitsubishi Heavy Industries Thermal Systems, Ltd., in September 2023, released the TEJ35GAM electric-driven transport refrigeration units. These new units complement the existing TE20/30 series and the TEJ35AM range. The TEJ35GAM is equipped with a plug-in hybrid system that merges a commercial plug-in power source with a dedicated refrigerator power source, serving as a pioneering solution for transport refrigeration.
What Are the Regional Hotspots for Automotive Thermal System Market Growth?
Asia-Pacific was the largest region in the automotive thermal systems market share in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive thermal system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Which Companies Hold the Largest Market Share in the Automotive Thermal System Industry?
Major companies operating in the automotive thermal system market are Continental AG, Denso Corporation, Dana Incorporated, Grayson Thermal Systems, Gentherm Incorporated, Hanon Systems, Lennox International Inc., Modine Manufacturing Company Inc., Mahle Behr GmbH & Co. KG, Robert Bosch GmbH, Valeo SA, Visteon Corporation, Calsonic Kansei Corp., Schaeffler Technologies AG & Co. KG, Johnson Electric Holdings Limited, Diakin Industries Ltd., Sanden Corporation, United Technologies Corporation, BorgWarner Inc., Marelli Corporation, Behr GmbH & Co KG, Delphi Technologies, Eberspaecher Group, Hella GmbH & Co KGaA, Siemens AG, Webasto SE, ZF Friedrichshafen AG, Bergstrom Inc., Kongsberg Automotive
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